Ether whale dumps $41M days before the market crashed
A crypto trader holding 22,341 Ether sold the assets days before the market crash, avoiding a potential loss of over $5 million.
A crypto whale holding massive amounts of Ether (ETH) sold $41 million worth of the asset a few days before the market crashed, avoiding a potential $5 million loss.
The trade was flagged by the blockchain analysis platform Lookonchain which follows and shares what they consider to be smart trades. On Aug. 18, the crypto whale deposited 22,341 ETH to the Binance exchange and withdrew around $41 million in Tether (USDT).
While the crypto whale lost around $1.7 million in value, the trader managed to avoid further potential losses that could have gone up to more than $5 million when the market prices dropped. On Aug 18, crypto's market capitalization dropped by 6% to $1.1 trillion, which is the lowest level seen in at least two months.
Ether, the second-largest crypto by market capitalization, dropped from around $1,820 per token on Aug. 17 to about $1,597 the next day. Meanwhile, Bitcoin (BTC) which comprises about 50% of the entire crypto market, dropped from about $28,400 to $25,649 in the same time frame before making a recovery to above $26,000 in a few hours.
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